Nigeria in 1min: Economic, Business and Financial Headlines - 140721

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Wednesday, July 14, 2021 / 6:00 AM / By News Aggregator / Header Image Credit: Facebook; Nigerian Exchange Group


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COVID-19 Health Updates

  • 13th of July 2021: Nigeria COVID-19 Status in 36 states and the Federal Capital Territory
  • Confirmed: 168,867 cases (New: 154)
  • Discharged: 164,623
  • Deaths: : 2,125 (New: 1)

Source: NCDC Read More


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PROSHARE ECONOMY

FIRS Extends the Deadlines for WHT Validation and Tax Returns Filing for the Year 2021 - On July 1, 2021, the Federal Inland Revenue Service ("FIRS") issued a public notice, granting one (1) month extension from the 30th of June 2021, for companies to comply with their tax obligations for the 2021 Year of Assessment. Source Abimbola,Azeezah,Oluwatoba, Emmanuel, Rouna & Ken of Banwo & Ighodalo Read More

Nigeria's Oil Conundrum - The oil industry remains an economic backbone for Nigeria. Oil's formal share of real GDP was 9.2% in Q1 2021, which makes it the fifth-largest sector in the economy after agriculture, trade, information & communications and manufacturing. Source Coronation Research Read More

OPECplus Delayed Output Decision Tests Coordination Capacity - OPEC+ has delayed its decision on the extent of crude oil production increases, raising questions about the alliance's capacity to coordinate production and highlighting disagreements about supply policies, Fitch Ratings says. Source Fitch Ratings Read More

High Unemployment Threatening Buhari's Poverty Reduction Plan - AfDB - The Director-General of the African Development Bank Group's Nigeria Country Department, Mr Lamin Barrow, has said the Nigerian government's plan to lift 100 million Nigerians out of poverty by 2030 is threatened by the high rate of unemployment and income inequality in the country. Source Punch Read More

ABCON Advocates Reforms to Curb Govt Spending, Public Debt - The Association of Bureaux De Change Operators of Nigeria (ABCON) has advocated reforms that will reduce government's spending and also curb the rising trend in the nation's public debt. Source The Nation Read More

FG Names 4 Asset Managers For $37bn Infrastructure Fund - The federal government has named four asset managers to manage the $37 billion investment development fund in some sectors of the economy. The $37 billion is a pool of funds by a private sector-led infrastructure company of Nigeria, named Infra-Co, with an initial seed capital of N1trillion, expected to grow to N15 trillion in assets and capital over time. Source LeadershipNG Read More

Nigeria's Oil Production Quota Now 1.554mbpd - Sylva - The minister of state petroleum resources, Chief Timipre Sylva yesterday disclosed that Nigeria's Organisation of Petroleum Exporting Countries, (OPEC) oil production quota is now 1.554 million barrels per day excluding condensate oil. Source LeadershipNG Read More


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PROSHARE MARKETS

NSEASI Closes Flat Amid Positive Market Breadth, Market Turnover Closes Green - Equities market closed today on a flat note, as NSEASI records -0.00% to close at 37,857.24 basis points as against -0.36% depreciation recorded previously. Its Year-to-Date (YTD) returns currently stands at -5.99%. Source Proshare Markets Read More

Guaranty Trust HoldCo Plc Commemorates Listing on Nigerian Exchange - Guaranty Trust Holding Company Plc (GTCO Plc) commemorated the listing of its shares on Nigerian Exchange (NGX) with a Closing Gong Ceremony on Tuesday, 13 July 2021. The event also featured the reveal of the company's new brand identity to capital market stakeholders and members of the general public. Source NGX Read More

Issuance of Digital-Sub Broker Licenses Will Lead to Innovation in Nigeria's Capital Market - The Issuance of Digital-Sub Broker licenses by the Securities and Exchange Commission (SEC) would promote innovation in Nigeria's capital market and deepen financial inclusion in the country. Source Ottoabasi Abasiekong for WebTV Read More

 

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PROSHARE BUSINESS

FCMB Limited Announces Appointment of Mrs. Yemisi Edun as The New Managing Director - The Board of Directors of FCMB Group Plc have announced the appointment of Yemisi Edun as the Managing Director of First City Monument Bank (FCMB) Limited. This announcement is subsequent to the end of service of the bank's former Managing Director, Adam Nuru. Source FCMB Read More

Flutterwave Appoints Oluwabankole Falade as Chief Regulatory and Government Relations Officer - Flutterwave, Africa's leading payments technology company, has appointed Mr. Oluwabankole Falade (Bankole) as the new Chief Regulatory and Government Relations Officer. Source Flutterwave Read More

Nigerian Bottling Company, Rite Foods Suit to Resume on September 22 - A Federal High Court in Lagos, today Monday July 12, adjourned till September 22, proceedings in the suit between Nigerian Bottling Company (NBC) Ltd and Rite Foods Limited. Source NBC Read More 

'Why DPR Prefers Royalties to Penalties' - The Director of the Department of Petroleum Resources (DPR), Mr. Sarki Auwalu, has said the government agency is more interested in the payment of royalties by companies operating in the oil and gas industry in the country, than the collection of penalty sums for violation of the rules. Source THISDAYLIVE Read More


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PROSHARE TECHNOLOGY   

HED: Popular Online Trading Assets in an Uncertain World - 2020 in its totality evoked stress amongst the global population, not only due to the fear of contracting COVID-19 but in terms of what national lockdown measures meant to the employment status of most. Source Infinox Capital Read More

France Fines Google 500 mln Euros Over Copyright Row - France's antitrust watchdog slapped a 500-million-euro ($593 million) fine on Alphabet's Google (GOOGL.O) on Tuesday for failing to comply with the regulator's orders on how to conduct talks with the country's news publishers in a row over copyright. Source Reuters Read More


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PROSHARE FINANCE

How to Achieve Financial Independence on Your Terms - Very often, when people look for advice on how to become financially independent, they get it from people who have little to no context on where they are in life. Despite the internet being replete with content aimed at helping you figure out your finances... Source Sponsored Post by Wema Bank, Tunde Mabanwonku Read More

New Infection Wave Raises Pandemic Risks for African Sovereigns - A new wave of Covid-19 infections in a number of African countries, exacerbated by the Delta variant, has increased the risk of pandemic-related setbacks for rated sovereigns in Africa, says Fitch Ratings. Slow progress on vaccination suggests that pandemic risks will persist until at least 2022. Source Fitch Ratings Read More

 

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PROSHARE MSME

University of Oxford and FMDQ Group Launch Pioneer Global Partnership - The Oxford Foundry, University of Oxford, United Kingdom, and FMDQ Private Markets Limited, have launched a global partnership to accelerate the growth of Nigeria's start-up ecosystem and nurture a future generation of young Nigerian leaders in entrepreneurship, through knowledge exchange and collaboration. Source FMDQ Read More 

 

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